What grade did your loan servicer get from the Better Business Bureau (BBB)?
Here is an interesting article about how the BBB (Better Business Bureau) rated the major loan servicing companies which handle loan modification and short sales. It’s was an interesting read for me because I was having a lot of difficulties recently with Chase, they have been ruthless and unreasonable in their demands, especially when they are in junior positions. It used to be that Bank of America was the bank that everyone doing short sales bad mouthed; but my feeling was Chase was getting up there.
I was far from surprised to discover that Chase had received an “F” from the consumers who were dealing with them. The interesting fact is that Bank of America, which used to be at the bottom has now received an “A+”! I can attest to this change as well, because with the implementation of Equator into their short sale business and with their executive, Matt Vernon’s, committment to change the way they approached short sales, their level or service and the speed with which they handle matters have changed 180 degrees. They are one of the best to work with right now.
Another interesting point that the article tackles is the bait and switch loan mods that we are beginning to hear about. Homeowners being strung out for months on these “temporary modifications” and while waiting (and paying) getting foreclosed on without notice. At first, these instances sounded like anomalies, but the frequency of these instances is increasing; thereby indicating some sort of concerted effort rather than mere fluke incidents.
See what grade your loan servicer received.
http://www.shamethebanks.org/jorge/bbb-f-grades-to-chase-litton-ocwen
